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This is one area of the legal sector that has experienced large growth over the years. As you may or may not realize, bankruptcy filings by consumers in debt are climbing. The push for high interest credit cards, lay-offs, and adjustable rate mortgages are the likely culprits in this increase in bankruptcy filings across the U.S. It is a trend that is expected to continue.
In addition to consumers, businesses also commonly file for bankruptcy. It is estimated that 90% of all businesses close their doors before their 5th year of business. A smaller percentage of these failed businesses wind up filing for bankruptcy.
With the steady climb in bankruptcy filings, the need for paralegals specializing in bankruptcy is on the rise. Many law firms have added a bankruptcy practice in order to capitalize off this growing trend resulting in the need for more paralegals skilled in this area of the law.
While most paralegal training programs offer some coursework in the area of bankruptcy, the experience you gain working for a legal firm specializing in bankruptcy filings will be much more valuable. If you are interested in pursuing this line of work, it's recommended that you take any coursework you can and add to it with experience.
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